11
Presentation 23 November Strategic matrix – Reefers vs containers REEFERS SOUTH – NORTH LANE SPEED ADVANTAGE PORT TO PORT LOW DRAFT GEAR HIGH AVERAGE AGE QUALITY PAYS NO ORDER BOOK HIGH VOLUME – LOW VALUE BANANA TRADE CHANGE OF BANANA REGIME 06 WEAK SERVICE & CHAIN MANAGEMENT CONTAINERS EAST – WEST LANE SPEED IMPROVEMENTS TO COME TERMINAL TO TERMINAL / DOOR TO DOOR DRAFT LIMITATIONS NO GEAR LOW AVERAGE AGE ESTABLISHED QUALITY HIGH ORDER BOOK IN 3000 TEU RANGE LOW VOLUME – HIGH VALUE NO BANANA TRADE EXCEPT FOR BRAZIL/USWC NO IMPACT TO THE CONTAINER STRONGER LOGISTICAL BASE

12
Presentation 23 November Net Scrapping Continues in a Strong Market... Net Scrapping Continues in a Strong Market......but most of it is the older frozen vessels. Source Orion Shipping

13
Presentation 23 November Reefer Age Distribution Fleet over 300 000 cbft 231 mill. cbft. Reefer Age Distribution Fleet over 300 000 cbft 231 mill. cbft. 39% of fleet is over 20 years and almost no newbuildings

14
Presentation 23 November Star Strategy Objective Strategy To generate a RoE better than our major competitors Simplify and improve the management of the Company Optimise fleet structure Business risk management Reduce costs To evaluate new reefer shipping and terminal opportunities.

20
Presentation 23 November STAR Reefers Recent Developments Time Charters for 2 newbuildings Vessels to be built at Shikoku Yard in Japan Delivery Q1 2006 and Q4 2006 Specialised Reefers of 585,000 cbft. High Speed High containerintake Low bunker consumption 10 year duration of charters STAR secruing modern long term tonnage as a leading quality reefer operator